- Higher sponge iron, billet offers support hike in steel prices
- Manufacturers receive low to moderate bookings in finished steel
India’s induction furnace (IF) steel prices increased d-o-d across regions on 24 July 2026.
Sponge iron prices rose INR 200-600/t d-o-d across locations, with the sharpest upside of INR 600/t seen in Jharsuguda, where prices reached INR 24,000/t.
Billet prices rose by INR 100-500/t d-o-d across locations, with the highest increase of INR 500/t recorded in Ahmedabad and Hyderabad locations, where prices reached INR 40,500/t and INR 41,000/t respectively.
Rebar (Fe 500) prices were up by INR 100-800/t across locations. The steepest rise of INR 800/t was recorded in Hyderabad to INR 44,300/t.
Procurement remained largely need-based d-o-d today, with mixed demand trends across regions. In western India, heavy rainfall disrupted construction activity, limiting fresh procurement.
Overall, manufacturers received low to moderate bookings for finished steel in today’s trading session, while prices remained firm, supported by higher offers for key raw materials, including sponge iron and billets. Market participants said rising input costs encouraged manufacturers to maintain higher finished steel offers despite only moderate buying activity.
Prices are expected to remain firm through this week, given higher prices of key steelmaking raw materials.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,500/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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